HARARE – Zimbabwe’s gold output has fallen in volume terms. Gold is the single largest export earner in the southern African country, whose economy is flat lining as a result of lack of investment, electricity shortages and high cost of capital. [GoogleAd] The recently released figures by Fidelity Printers and Refiners — the sole buyer of…
HARARE – Precision Oil Seeds International (Precision) says it has contracted farmers to plant over 15 000 hectares (ha) of sunflower this year in an effort to reduce importation of cooking oil raw materials. The country, which is battling a debilitating foreign currency crisis, recently lifted a ban on cooking oil imports after it experienced intermittent shortages…
RioZim has suspended its operations again owing to foreign currency shortages. In a statement, RioZim advised its stakeholders that it was engaging Reserve Bank of Zimbabwe (RBZ) which has for two months to date flouted its commitment to provide foreign currency to the miner. [GoogleAd] “As of date, the company has experienced significant and persistent…
Finance minister Mthuli Ncube says the country should give his austerity measures a chance as they seek to stabilise the economy. Zimbabwe is facing its worst ever economic crisis in a decade characterised by foreign currency shortages, resulting in fuel and food shortages, rising consumer prices and high unemployment among other things. [GoogleAd] Since his appointment…
The Zimbabwe International Trade Fair Company says this year’s edition of the annual exhibition is focusing on inclusion of previously excluded groups and reaching out to the international community. In a statement last week, Nicholas Ndebele, the company’s acting general manager, said preparations for the 60th edition of the annual trade fair are gaining momentum and…
The National Railways of Zimbabwe (NRZ) is posting staggering losses. Management yesterday revealed that the losses have been worsened by the recently introduced heavily-subsidised commuter train services that have left the State rail company in turmoil, with the sense of crisis pushing the administration to beg the government to consider an urgent bailout package. NRZ general…
SOUTH African cement manufacturer, PPC says the profit margins of its subsidiary PPC Zimbabwe are under pressure from the recent inflation developments in the country. This comes as the country’s official inflation has spiked to a post dollarisation high of 42,1 percent for December, 2018 from 0,1 percent in February, 2017. In a trading update…
THE United Kingdom (UK) says it may not back Zimbabwe’s arrears clearance appeals with the international community following violent crackdowns in response to the recent fuel protests. UK’s foreign secretary Harriet Baldwin said the use of force against civilians was going to see Zimbabwe’s former coloniser hold off on any diplomatic support to President Emmerson…
Minister of Environment, Tourism and Hospitality Industry, Priscah Mupfumira and Zimbabwe Tourism Authority (ZTA)board have seconded from the board, Rita Likukuma on an acting role of chief executive with effect from February 1, 2019. ZTA chief operating officer, Givemore Chidzidzi had been acting since November 2018 on behalf of Karikoga Kaseke who has been off work…
The Confederation of Zimbabwe Industries (CZI) has raised concerns with the Zimbabwe Revenue Authority (Zimra) over the implementation of the fuel rebate system. Government introduced the rebate system for selected sectors last month to avoid price increases on the back of a massive fuel price increase announced by President Emmerson Mnangagwa. The relief will be equivalent…
